Why Kazakhstan should stop worshipping Tesla and Uber
Historically, resource dependence has already ruined several states — such as Argentina in the 19th century, or the Soviet Union in the 20th century — and risks destroying dozens more. If oil prices decline, only the economies of rich countries such as the USA or Norway have a chance of surviving. These countries have a “nest egg” to buy themselves a decade or two in which to reorient the economy and adjust to the new realities. In poorer countries, such as Venezuela, the crisis strikes immediately, leaving people with nothing to live on.